Written by einsteinboricua
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Topics: Money, Europe

Wednesday, 2 January 2008

image for Cyprus, Malta to abandon the euro
Cyprus and Malta have joined the euro, but are considering abandoning it.

Nicosia, Cyprus - The year 2008 has been bringing many things. To the members for the so called "euro-zone", it brought two new members as Cyprus and Malta, two Mediterranean island countries and European Union (EU) members adopted the euro. Less than a day after, the countries already want to give up the euro and return to their old currencies.

The Cypriot president, Tassos Papadopoulos, made history as the first Cypriot to withdraw the currency just after midnight brought the year 2008 and the euro to Cyprus. He boasted as he withdrew: "we're sorry to say good bye to the pound, but we're happy to welcome the euro". Now, just 24 hours later, he's having second thoughts. "This surely was a complete waste of effort. The pound is and will be Cyprus currency so long as I'm president" The president immediately ordered all citizens to buy back their pounds, in an effort to demonstrate the frustration regarding the euro.

Likewise, in neighboring tiny Malta, the Financial minister expressed his discontent after he too withdrew euros at the stroke of midnight. The tiny country had the second highest valued currency. However, along with Cyprus, it scrapped its lira in favor of the common currency. "This is one of the biggest mistakes we made." the minister said in the afternoon. "Malta has expressed its discontent with the euro and now we'll show it to the EU."

The Cypriot president and the Maltese Financial minister will meet to discuss a complete phase out of the euro and a possible withdraw from the European Union as well.

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